Not really sure how all these stable coins work but how did a stable coin that is supposed to be equal to one US Dollar go down in price? 
Many have explained here about why the USDC depeg phenomenon could occur, at first I only believed in USDC because based on the underlying, those who have real USD assets to issue USDC, but with this incident, I don't know where else to trust, because like what we know is that USDT is not fully backed by real USD, meanwhile BUSD also had issues some time ago which had something to do with Paxos.